Etsy acquires an expertise in AI – Blackbird Technologies
The marketplace that is known for the home made products and crafts that are well known as Etsy, now acquires the Blackbird technologies for improving its search capabilities. Blackbird technologies have developed the machine learning techniques that delivers the high search relevance and promotes recommendations. Blackbird’s novel technology combines both the text and images and uses the Artificial Intelligence techniques to improve the search capabilities of the websites. It includes the spelling correct, ranking and personalized shopping experience for the users.
People prefer Etsy because of its unique collections, Etsy also helps the customers to find what they actually need, and it has about 40 million unique collections, the products which are there on Etsy, cannot be found in any other places in the world.
With the help of Bluebird Technologies, Etsy believes that it can achieve and improve the buyer’s experience by making the search easier with the search optimization techniques. It helps to surf the most relevant products and also recommends the related products. Etsy itself Lisri has developed many search techniques and they have been successful too, but now it wanted the experts in Artificial Intelligence to make their search optimization even better, said the CEO of Etsy.
Blackbird has more records for delivering the high quality search products. And this uses the most advanced technologies of Artificial Intelligence. Blackbird’s services include,
• Machine learning techniques, this technique analyzes the user’s behavior, unstructured data and other factors that are required to suggest more relevant website and personalized searches.
• The natural language processing system, to handle the complex searches.
• Image recognition that is based on Deep learning concept, this technique helps to index the catalogues, and to provide the relevant results.
• Spelling correction techniques, this helps the search to be error free. And if any error occurs, the spelling correct tools will rectify those errors.
Blackbird’s employees, its CEO, CTO will join Etsy, as the team is expertise in Artificial Intelligence, search optimization and distributed system. This company has experience in this field and has provided the Artificial Intelligence and search optimization techniques to many top companies across the globe.
The company is fully going to concentrate on the development of Etsy’s technical side. The search science team will work in the search capabilities of Etsy.
They will try to work in the Artificial Intelligence behind the search optimization that will help them to develop better market for them and also for the seller services.
Etsy is an e-Commerce website that focuses on the handmade items. And it is well known for its unique collections. The items which are sold on Etsy include clothing, photographs, arts, crafts, jewelry, beauty products, foods and toys. Many sellers sell the unique products on the Etsy.
Till December 2014, there are about 54 million people registered as members of Etsy. There are about 1.4 million sellers and 19.8 million buyers on Etsy. By the end of 2014 Etsy had about 685 employees and 28 million unique products. In the year 2014, Etsy had about 1.93 billion as its income. In which 36% of the purchases are from the mobile devices. And 30% of purchases were made outside the USA. In 2014 Etsy had revenue of about $195 million and had a loss of about $15 million.
Features of Etsy
In addition the handmade products, the vintage products are also available on Etsy. The vintage products are listed for those who are above 20 years. For selling the products on Etsy, one should create the user name and they have the option to create the shop name, the user name cannot be changed if created. Creating the shop name is free on Etsy. Each product that is listed costs $0.20, and the listings will be there on the site for four months since posting, or till someone buys that particular product. The product prices are fixed by the shop owner, but they have to give 3.5% of the price for each product. The shop owners will be given a bill at the end of the month. And they have to pay it before the 15th of the preceding month. Etsy provides the shipping feature worldwide.
The buying process is simple, the buyer can type the product in the search bar, and he gets the relevant products, where he can select the product, which he need. When a view the particular product, he can see the positive percentage feedback of the seller of that product, they you will know the quality and uniqueness of the product as well as the seller. If the buyer selects the particular product, then he has to select add to cart option. Then the product is automatically added to the shopping cart. Then the buyers can proceed with purchasing the product. For purchasing in Etsy, buyers must have an Etsy account. This account can be integrated with the Facebook, and it is free of cost. At last the user has to make the payment.
Etsy is known for the side business and also for buying and selling the handmade goods. The product photos on Etsy differs from the other websites, it has an artistic style in the product catalog. Sellers can add the tags to their products, so that it may attract the buyers. Most of the sellers on Etsy are women. Sellers sell their products as hobbies; some are professional artists, who earn from Etsy for their living. Etsy announced that it will hire more women engineers, as there are many women sellers and few women engineers. Etsy was one of the important members of the handmade consortium. Etsy has also made the partnership with the west elm to sell the Etsy products on its store. It has also opened a holiday storefront in New York in the year 2012.
AI concepts in Etsy
Using the Artificial intelligence concepts of the Blackbird technologies makes Etsy to have increased sales; it will be higher than the total revenue of $85 million, which was achieved in the year 2012. It has the year over year marketing growth of 39%.
The AI will help Etsy to develop products as per the customers wish. Most of the customers in the US prefer the real time promotions for their products. Etsy can use the AI technology for having more customers engaged at Etsy. This will also boost up Etsy, to compete with the top eCommerce websites like Amazon, eBay and many others. Etsy sellers should develop the many products of similar type. So that many customers can buy the similar product technique is used by the top eCommerce websites. Amazon and eBay have incorporated the AI techniques to have more relevance for their searches. As many giant eCommerce websites started using AI for improving their search results, they should work on to make the customers buy products regularly on your site. One of the ways to attract the customers is to have the loyalty awards, it is the way of giving points to the customers if they purchase for some specific amount, and the people who have the maximum points can be given rewards.
Etsy’s revenue growth has risen to 28% from 25% in the previous year and in its third year the revenue was 20%. It had improved 8% in revenue in the three years.